Question

Instructions Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: May 3 5 9 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, S4,500 Received cash from clients on account, $2,450. Paid cash for a newspaper advertisement, $225. Paid Office Station Co. for part of the debt incurred on April 5, $640. Provided services on account for the period May 1-15, 89,180 Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. Received cash from cash clients for foes earned during the period May 1-16, $8,360. 13 15 16 17 Record the following transactions on Page 6 of the journal: May 20 21 25 27 28 Purchased supplies on account, $735. Provided services on account for the period May 16-20, $4,820 Received cash from cash clients for fees earned for the period May 17-23, S7,900. Received cash from clients on account, $9,520 Pald part-time receptionist for two wooks' salary, $750. Paid telephone bill for May, $260. Paid electricity bill for May, $810. Received cash from cash clients for fees earned for the period May 26-31, $3,300 Provided services on account for the remainder of May, $2,650. Kelly withdrew $10,500 for personal use. 30 31 31 31 31 ΛΙΟΝ

this is for a spreadsheet please help

Answer 1

Prepare journal entries as follows:

Date	Account Titles	Debit	Credit
May. 03	Cash	$4,500
	Unearned fees		$4,500
May. 05	Cash	$2,450
	Accounts receivable		$2,450
May. 09	Advertisement Expense	$225
	Cash		$225
May. 13	Accounts payable	$640
	Cash		$640
May. 15	Accounts receivable	$9,180
	Fees revenue		$9,180
May. 16	Salaries Expense	$630
	Salaries payable	$120
	Cash		$750
May. 17	Cash	$8,360
	Fees revenue		$8,360
May. 20	Supplies	$735
	Accounts payable		$735
May. 21	Accounts receivable	$4,820
	Fees revenue		$4,820
May. 25	Cash	$7,900
	Fees revenue		$7,900
May. 27	Cash	$9,520
	Accounts receivable		$9,520
May. 28	Salaries Expense	$750
	Cash		$750
May. 30	Telephone Expense	$260
	Cash		$260
May. 31	Electricity Expense	$810
	Cash		$810
May. 31	Cash	$3,300
	Fees revenue		$3,300
May. 31	Accounts receivable	$2,650
	Fees revenue		$2,650
May. 31	Kelly Pitney, withdrawals	$10,500
	Cash		$10,500

____________________________________________________

Prepare adjusting entries as follows:

Date	Account Titles	Debit	Credit
May. 31	Insurance Expense	$275
	Prepaid Insurance		$275
May. 31	Supplies Expense	$1,370
	Supplies [$1350 + $735 - $715]		$1,370
May. 31	Depreciation Expense	$330
	Accumulated depreciation		$330
May. 31	Salaries Expense	$325
	Salaries payable		$325
May. 31	Rent Expense	$1,600
	Prepaid rent		$1,600
May. 31	Unearned fees	$3,210
	Fees revenue		$3,210